IDFC First Bank Hikes Saving Bank Account Interest Rate to 7%

IDFC First Bank has brought a New Year Gift for Savings Account Customers. With effect from January 1, 2021 Now IDFC Savings Account customers will earn 7% interest on balances up to Rs 1 lakh instead of 6% earlier. This is 100 bps gain for customers as minimum ceiling for 7% yield was capped at 1 Lakh earlier. Thus, all customers up to 1 Crore saving account balance can enjoy best returns with IDFC First Bank.

Amid present low rate regime, where most leading public and private sector banks are offering 3% to 4% interest, IDFC Bank’s Saving Account is much beneficial for customers.

The bank has further changed other interest slabs, as under:

*Interest is calculated on progressive balance in each slab.

IDFC First Bank was originated after merger of Capital First and IDFC Bank  in December 2018. It is a scheduled commercial bank with a market cap of around Rs 22,500 crore and has a robust network of 260 branches. The bank is listed on the stock exchanges that year.